onyxcoin

Onyxcoin (XCN) has been one of the strongest-performing tokens this month, delivering an impressive 97% weekly gain. However, recent price action reveals a more complex picture beneath the surface. After briefly reaching $0.0130, XCN corrected by nearly 36% starting January 6, entering a consolidation phase rather than a full trend reversal.
Despite the pullback, the broader bullish structure remains intact. The price has stabilized and is now forming a bull flag pattern, a technical setup that often precedes continuation in an uptrend. Meanwhile, on-chain data shows that large holders, or “whales,” are actively accumulating XCN, while selling pressure across exchanges has sharply declined.
The combination of technical structure and on-chain behavior suggests that the market is in a critical decision zone.
Bull Flag Structure Remains Intact
On the daily chart, XCN is consolidating within a classic bull flag formation. This pattern typically forms after a strong upward move, followed by a controlled downward-sloping range that allows price to cool without breaking the overall trend.
Currently, Onyxcoin is trading near the upper boundary of the flag, indicating that buying pressure is slowly rebuilding. A confirmed daily close above $0.0095 could trigger a breakout scenario, with the measured move suggesting a potential upside of over 200% from the flag structure.
Moving averages also support this constructive outlook:
The 20-day EMA is trending upward toward the 100-day EMA, signaling improving short-term momentum.
The 200-day EMA remains a critical level. During the previous rally in late December, XCN accelerated once it reclaimed this long-term trend line. Price is now hovering near that same zone again.
As long as XCN holds above this key moving average, the consolidation phase can be interpreted as healthy market digestion rather than trend weakness.
Whale Accumulation Confirms Dip Buying
On-chain data provides strong confirmation of bullish intent from large holders.
Following the January 6 price correction, whale wallets increased their combined XCN holdings from 42.26 billion to 42.55 billion tokens. This represents an accumulation of approximately 290 million XCN, worth around $2.6 million at current prices.
This buying activity occurred during the price pullback, suggesting that whales were buying the dip rather than distributing their positions. Historically, such behavior often signals confidence in higher future prices, even during short-term volatility.
Selling Pressure Drops Sharply
Exchange flow data further strengthens the bullish narrative.
On January 6, exchange inflows peaked at around 1.53 billion XCN, coinciding with the sharp price drop. Since then, inflows have collapsed to roughly 51 million XCN, a decline of nearly 97%.
Lower exchange inflows typically indicate reduced selling intent, as fewer tokens are being sent to exchanges for liquidation. When combined with rising whale accumulation, this creates a supply-tight environment that favors price stability or continuation rather than breakdown.
Key Price Levels to Watch
Several critical levels will determine the next major move for Onyxcoin:
Bullish Zones:
$0.0090 – Key support near the 200-day EMA
$0.0095 – Flag breakout confirmation level
$0.0130 – Previous local high and first resistance target
Bearish Risk Levels:
$0.0083 – Loss of this weakens the bull flag structure
$0.0069 – Breakdown below this invalidates the bullish setup
For now, XCN remains in a balanced consolidation phase. The technical structure is intact, whales are accumulating, and selling pressure has eased significantly. Whether this turns into a strong breakout will depend on how price reacts around the flag resistance and long-term moving averages.
Final Thoughts
Onyxcoin’s recent pullback appears to be a consolidation, not a rejection. The presence of whale accumulation, declining exchange inflows, and a bullish technical pattern suggests that the market is positioning for a potential continuation move.
However, as with all crypto assets, volatility remains high, and confirmation is required before any directional bias can be considered reliable.
Disclaimer:
This article is for informational and educational purposes only and does not constitute financial or investment advice. Always conduct your own research before making any investment decisions. The author is not responsible for any financial losses.
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